Property Tax Questions

[WoodysGirl]

Interesting.

Real estate agents are hard to like or trust.

Many play this "i'm so ethical" game ... they may not lie to you, but the sins of omission...

There's a story there. It was partly my fault due to my ignorance of the game. My agent also served as my loan officer.

At first, I thought this was a good thing. One stop shop and all. I just wanted a house. I was very ignorant about the process. In the end, I got the house I wanted, but I also got some sucky terms. I don't blame her for my ignorance. I learned and fixed my issues.

There was also some personality issues there, too.

 

[peplaw06]

You're a recent homebuyer, right?

I've been in my house 9 years, I wouldn't know where to look for my agent...and we didn't part on the best of terms. lol

I didn't know bbgun was a real estate agent.

 

[Maikeru-sama]

There's a story there. It was partly my fault due to my ignorance of the game. My agent also served as my loan officer.

At first, I thought this was a good thing. One stop shop and all. I just wanted a house. I was very ignorant about the process. In the end, I got the house I wanted, but I also got some sucky terms. I don't blame her for my ignorance. I learned and fixed my issues.

There was also some personality issues there, too.

Yeah, I believe I have been blessed with regards to the people I have worked with.

My Real Estate is very cool, extremely knowledgable and just an all and all good guy (He's trying to get me to attend his church so I can find me a good church going girl lol). The Loan Officer I am using did my mother's loan a few years ago and my Real Estate and a few co-workers were so impressed with him that they are using him on some deals.

They have definately made this whole experience very easy.

If you guys think I alot of questions on Cowboyszone, it isn't nothing compared to the millions of questions I ask them :laugh2: .

 

[Maikeru-sama]

I didn't know bbgun was a real estate agent.

:laugh2:

 

[AbeBeta]

There's a story there. It was partly my fault due to my ignorance of the game. My agent also served as my loan officer.

At first, I thought this was a good thing. One stop shop and all. I just wanted a house. I was very ignorant about the process. In the end, I got the house I wanted, but I also got some sucky terms. I don't blame her for my ignorance. I learned and fixed my issues.

There was also some personality issues there, too.

I think most issues come down to ignorance of the game. The problem is that commissions are a good chunk of change so agent's self-interest often outweighs what is best for you.

 

[braw]

Im told that when you pay Property Taxes via Escrow, you are just paying a close "estimate" of what the Property Taxes will be. In some cases, they can be lower or higher.

1) When the Property Taxes are higher than what you paid in Escrow for the year, how long do you have to pay the taxes back? Also, who has the authority to take your house if you can't pay those taxes? The county, mortgage company etc etc?

I am assuming in this type of environment with falling home prices that this isn't a big problem at the moment.

2) When any of the 4 (5 if you live in a county that has a county hospital) taxing entities decide to raise taxes, when exactly do you start paying those increased tax rates. For example, my house is in Murphy but much to my dismay, I live in Wylie's ISD (they have the highest taxes in Collin County). Say in January the WISD tax rate is 1.51 but in March they raise it to 1.60, when would I start paying the 1.60 rate, next calendar year or immediately?

Thanks

First the escrow account that is setup is based on estimates( especially if you buy a new home and taxes are not out yet(usually in sept.)).

Second Mortgage Company pays the complete amount at the end of the year from the money in your escrow account. Now if the account will be short, you hope they did an analysis and give you forewarning but your payment will go up to cover the difference. When this happens your loan officer did not inform you correctly( maybe he wanted to save you money that you had to bring to the table at closing). But its that old saying pay me now or pay me later, but you will pay me.

Mortgage Companies are so affraid of tax liens nowadays because of all the informercials about getting rich in real estate. That they pay the taxes now and will foreclose based on failure to pay taxes even if you are current on mortgage payment. Texas especially is king with tax liens. Since times are tuff Counties and Cities are going after taxes hard and applying liens even after 1 1/2 yrs of non payment. At the sheriffs sale you can purchase a tax certificate by paying that properties back taxes. Now the owner of the house or mortgage company has to pay the tax certificate holder the money he just paid and up to 50% interest. Now if you are not paid for the tax certificate you wait 6 months if not a homestead or 2 yrs if home is a homestead and take ownership even if a mortgage exists( this applies to your question how long to you have).

So when you ask who can foreclose on your house the county, mortgage company and tax certificate holder can. Even if you have never been late on morgage payment.

 

[Maikeru-sama]

Doesn't matter anymore.

The seller lost his job yesterday, so he is not selling the house. However, he is stuck with two mortgages now...

 

[Yeagermeister]

Doesn't matter anymore.

The seller lost his job yesterday, so he is not selling the house. However, he is stuck with two mortgages now...

Ouch.....sorry to hear that Mike

 

[Maikeru-sama]

Ouch.....sorry to hear that Mike

Yep, I just have to see if I want to just rent and wait or start looking again.

 

[theogt]

Doesn't matter anymore.

The seller lost his job yesterday, so he is not selling the house. However, he is stuck with two mortgages now...

Didn't you already sign the contract? The seller typically can't back out.

Edit: Never mind, I just saw your other thread.